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Latest from across Asia and the Pacific

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  • The State of Carbon Pricing in Southeast Asia
    Carbon pricing has become an increasingly popular policy measure used to support growing global efforts to address the causes of climate change and adapt to its consequences. While historically the […]

  • Carbon Pricing and the Business Case for Emissions Reductions and Nature Conservation in Malaysia
    In the context of climate change mitigation, two market failures stand out: an oversupply of “negative externalities” in the form of greenhouse gas (GHG) emissions and an undersupply of “positive externalities” in the form of the protection and conservation of natural capital. The failure to address these market failures plays an important role in the continued worsening of climate change. From this economic perspective, climate change simply reflects a lack of incentives to reduce emissions and protect natural capital. Carbon pricing can address this lack of incentives by associating a direct cost with GHGs, whether emitted or sequestered. This can transform energy markets by encouraging investment in low-carbon energy rather than fossil fuels and can strengthen incentives to conserve and rehabilitate natural capital, such as forests, by associating a monetary value to carbon sequestration. However, carbon pricing does not completely resolve market failures. The design of carbon pricing instruments (CPIs) is an important aspect of their effectiveness. The 68 CPIs implemented nationally or subnationally worldwide differ significantly in design, featuring a wide range of carbon prices and sectoral coverages. Only a fraction of these price carbon either at levels commensurate with scientific evidence of the cost of carbon or consistent with meeting the Paris Agreement targets. Malaysia’s intention to formulate a national policy on carbon pricing and implement CPIs was established in the Twelfth Malaysia Plan. The Ministry of Natural Resources, Environment, and Climate Change announced its intention to launch a domestic emissions trading scheme, while the Ministry of Finance is studying the feasibility of a carbon tax. Meanwhile, Bursa Malaysia, the capital market regulator, launched the voluntary carbon market in December 2022.

  • Towards a Community-based Green Economy in Sabah
    Sabah is a natural resource-rich state in Malaysia faced with many environmental, socioeconomic, and political challenges. It is home to a large indigenous population with a self-sustaining economy long depending on the extractive industry, timber, and palm oil, with the base-level dependence on natural resources growing at a steady pace. The hallmarks of a green economy are low carbon, efficient, and clean production, and inclusivity in consumption and outcomes. The green economy has shifted beyond mere awareness and social expression and taken an important place in policy discussions given the growing evidence that the current system of economic development is detrimental to the environment and humanity at large. Making an inclusive green economy work for local communities in Sabah requires a major shift in approaches to policymaking, together with the commitment of low and middle-income groups. Federal and state governments will need to capture higher economic returns that investments in sustainable use of ecosystems and low-carbon and climate-resilient development can generate and ensure that these contribute to poverty reduction and inclusive growth. Acting as partners to the government, the role of local communities is equally as important in rural planning and the development and management of resources, and developing their livelihood. Through good governance and sustainable economic options, Sabah can continue on the path to a green economy for all and uphold its natural heritage.

  • The Asia Foundation Discuss Key Takeways from Carbon Pricing Report on BFM Radio
    BFM: The Business Station, a Malaysia-based independent radio station, discusses key takeaways from The Asia Foundation’s recent policy report “Carbon Pricing and the Business Case for Emissions Reduction and Natural […]

  • Looking Ahead in Malaysia’s Carbon-Pricing Journey
    A new report makes the case for a national carbon-pricing policy in Malaysia.

  • Climate Governance Malaysia Partners with The Asia Foundation for Study Assessing Carbon Pricing
    Climate Governance Malaysia (CGM), the Malaysian chapter of the World Economic Forum’s Climate Governance Initiative, spotlights key findings from the study “Carbon Pricing and the Business Case for Emissions Reductions […]

  • Carbon Pricing and the Business Case for Emissions Reductions and Nature Conservation in Malaysia: Research Summary and Policy Recommendations
    Two market failures stand out in the context of climate change adaptation. First is the oversupply of negative externalities that arise from otherwise productive economic activity. These negative externalities, in the form of greenhouse gas (GHG) emissions, are driving the global average surface temperature increase. Second is the undersupply of positive externalities in the form of underinvestment in the protection and conservation of natural capital, which amongst their many functions, can also sequester carbon. The failure to address market failures plays an important role in the continued exacerbation of climate change. By associating a direct cost with GHG emissions, carbon pricing instruments (CPIs) address the negative externality and transform energy markets by enhancing the economic case for investment in low-carbon energy ahead of fossil fuels. CPIs also strengthen incentives to conserve and rehabilitate natural capital, such as forests, by placing a tangible valuation on the economic benefits of carbon sequestration. Against this backdrop, and given the Malaysian government’s intentions to introduce CPIs, it is important to consider how carbon pricing can drive emissions reductions and encourage conservation. This study focuses on the implications of carbon pricing across Malaysia’s energy and forestry sectors. Action across both sectors is crucial in Malaysia’s pursuit to meet its Nationally Determined Contribution and long-term goals to decarbonize and achieve net-zero emissions by as early as 2050.

  • The Edge Malaysia Features The Asia Foundation in Cover Story on the Future of Carbon Pricing
    The Edge Malaysia, a business and financial publication, quotes The Asia Foundation’s climate consultant Darshan Joshi in a cover story on how carbon pricing works and how it will impact […]

  • The Asia Foundation’s Robin Bush Makes an Economic Case for Environmental Conservation
    The Edge Malaysia, a business and financial publication, features an article co-written by The Asia Foundation’s Country Representative in Malaysia, Robin Bush, and climate consultant Darshan Joshi, “Climate and Environmental […]

  • InAsia’s Greatest Hits of 2021
    As 2022 beckons, it’s time to take a fond look back at the best of InAsia from the year gone by.

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